OCTOBER 2019
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VOLUME 24 • ISSUE 6
Mythbusters: Busting Myths of a Client's Beliefs WRITTEN BY RIKI MARKOWITZ It’s tempting to believe that because the real estate economy in Central Texas is so robust that agents and brokers here have it easier than professionals in other industries. Real estate is actually one of the oldest gig-economy careers out there. So even though there’s a lot of flexibility and potential to make a good living, there are big challenges, too, like how earnings in this industry are inconsistent, burnout is high, and it can take a long time to get established and feel secure. One of the top cited reasons for becoming a REALTOR is the chance to work with different types of people, but anyone with experience will tell you that one of the stickier areas to navigate is client beliefs. Client misconceptions run the gamut, from how expenses are covered to the type of property or banking information that agents can access. Most misunderstandings have a distinct starting point. For example, after online real estate marketplaces launched, roughly around 2004, many consumers obsessively turned to these sites to appraise the value of their home, as well as their neighbors’ homes. It’s also around that time REALTORS began hearing about how they’ll eventually be replaced by those same real estate platforms. The origins of other beliefs about the real estate industry are murkier, like how all real estate agents are filthy rich. Here are some or the more common client beliefs that all agents will encounter at some point, and how to navigate those beliefs.
REALTORS ARE PAID A SALARY — A BIG SALARY When RealtyLine asked agents in Austin about the client beliefs they hear most, this one almost always came up first. It’s actually pretty galling for many REALTORS because it’s a belief that has no basis in reality, but yet,
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no one can seem to quash it. Whether you got your license in the 70s, 90s, or the 2010s, every agent encounters at least one client a year who believes that REALTORS not only earn a salary but also keep 100 percent of their commissions.
WHEN YOU'LL HEAR THIS When it’s time to negotiate the commission on a sale, it’s a cue for some people to initiate a conversation about the agent’s supposed wealth. In some instances, “wealthy” may be code for “greedy.” So is the implication that REALTORS should earn less? Or they should take a smaller commission?
WHAT TO DO No one has really gotten to the bottom of why this misinformation has proliferated. Steven Edwards, co-owner and broker at Saddle Realty, says the only thing he can do is educate his clients on how real estate professionals actually earn a living. Fortunately, most clients have been pretty gracious, even after a belief they’ve had for so long is suddenly turned on its head.
MYTHBUSTERS continued on page 20
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